Delayed Funds Availability Law and Legal Definition
Delayed funds availability means a policy adopted by banks to exercise a hold on uncollected funds that are constituted by deposited check. The length of the hold varies from bank to bank, and also varies depending on whether the check is local or nonlocal. On the average, however, banks put holds of four to seven calendar days on local checks. Nonlocal checks, both in state and out of state, are commonly held for ten to fifteen calendar days.
Legal Definition list
Related Legal Terms
- Additional Funds Needed [AFN]
- Administrative Subdivision of Funds
- Administrative Takedown Funds [Transportation]
- Animal Drug Availability Act
- Availability Date(Banking)
- Availability Fee
- Availability Opinion (Trademark)
- Bioavailability [Food and Drugs]
- Border Activity Funds [Transportation]
- Breakpoint [Mutual Funds]
